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A strong effect of
climate on phenological events in conifers has been documented by several studies.
To study adaptation of reproductive processes in Abies sibirica Ledeb. to changing environment, the phenology of the
development of the species male reproductive cones at introduction was studied.
Phenological shift in Abies sibirica meiosis and pollination was observed. An earlier start of male bud reproductive development is founded in V.N.
Sukachev Institute of Forest Arboretum resulted in increasing meiosis and
pollen irregularities. Insufficient high quality pollen in the species at its pollination stage may be
a major factor responsible for the incapability to produce the viable seeds in
quantities sufficient for pollination in seed gardens. Responses of the fir
male cone development to the current environmental conditions at the Arboretum
may be considered as a model of adaptation of the species to climatic changes.
This paper extends the option betas presented by Cox and Rubinstein (1985) and Branger and Schlag (2007). In particular, we show how the beta of the underlying asset affects both an option’s covariance beta and its asset pricing beta. In contrast to Branger and Schlag (2007), the generalized option betas coincide if the options are evaluated according to the CAPM option pricing model of Husmann and Todorova (2011). The option betas are presented in terms of Black-Scholes option prices and are therefore easy to use in practice.